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BMGT 317 Decision Making Worksheet The PrOACT model of decision making uses five steps to help make difficult decisions. PrOACT stands for problem, objective, alternatives, consequences, and tradeoffs. You will use the following worksheet to document the steps of the PrOACT model in making Henriette’s decision. You will complete the following steps. Be sure to support the ideas, reasoning and conclusions put forth using the course readings. Step One: Creating a Decision Statement Identify the Decision to be made by creating a decision statement. Framing the decision means discerning the reason or cause for a decision to be made and what precisely needs to be decided. Identifying the correct decision to be made is a critical first step. It is important to review the decision to make sure it is not being framed with bias or prejudice. Decision Statement Fill in here: Create the decision statement. Explanation Fill in here: How did you arrive at the decision statement? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Step Two: Determining the Decision Objectives The next step is to identify the Decision Objectives. Objectives are those things that you want the decision to accomplish. You could consider them as the “wish list” of end results. If Henriette could have anything she wanted in making her decision what would it be? In formulating objectives, it is important to look at everyone who has an investment in the decision. What end results do they wish to see? Thinking through the goals that need to be reached and the end results will allow you to set priorities as you move through the process as well as with implementation. For instance, if you would want to purchase a car that exceeds your budget, then several options might have to be excluded when making alternatives due to budget constraints. A decision is a means to an end. Ask yourself what you most want to accomplish and which of your interests, values, concerns, fears, and aspirations are most relevant to achieving your goal. Complex decisions will never have just one objective. Decision Objectives Fill in here: Develop decision objectives. Feel free to add rows to the table depicting each objective in a new row. Explanation Fill in here: How did you arrive at the decision objectives? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Potential Stakeholders Fill in here: Identify all potential stakeholders. Explanation Fill in here: How did you determine the stakeholders? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Step Three: Creating Alternatives In creating alternatives, it is best to think outside the box. It is important avoid the bias and influence that may be limiting your thinking. Ask what if we did this and not we can’t do this because of this… Being positive is important and helps to deflect the anchoring bias. Alternatives require data collection, stakeholder objectives and an approach that is not problem solving-oriented. Do not restrict the number of alternatives at first. Come up with every possible way the objectives can be met in whole or in part. Also as part of this process is the need to clarify the uncertainties with the use of data collection and the risk tolerance that is needed for the decision. Uncertainties: What could happen in the future and how likely is it that it will occur? Risk Tolerance: When decisions involve uncertainties, the desired consequence may not be the one that results. How much risk is acceptable? Do you have a high tolerance for risk, a medium tolerance for risk or a low tolerance for risk? For more than two decision alternatives, you will need to duplicate the table below: Decision Alternative #1 Fill in here: Create decision alternatives #1. Feel free to add rows to the table depicting each objective in a new row. Uncertainties Associated with Alternative #1 Fill in here: Identify uncertainties associated with alternative #1 Risk Tolerance Associated with Alternative #1 Fill in here: Level of risk tolerance (High, medium, low) Stakeholders (impacts the alternatives and alternatives impact stakeholders) Fill in here: Identify all stakeholders for Alternative #1 Explanation Fill in here: How did you arrive at the decision alternatives? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Decision Alternative #2 Fill in here: Create decision alternatives #1. Feel free to add rows to the table depicting each objective in a new row. Uncertainties Associated with Alternative #2 Fill in here: Identify uncertainties associated with alternative #1 Risk Tolerance Associated with Alternative #2 Fill in here: Level of risk tolerance (High, medium, low) Stakeholders (impacts the alternatives and alternatives impact stakeholders) Fill in here: Identify all stakeholders associate with alternative #2 Explanation Fill in here: How did you arrive at the decision alternatives, stakeholders, uncertainties and risk tolerance? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Step Four: Consequence Table Describe possible Consequences (concerns) that each stakeholder would have for each alternative. Evaluate honestly the consequences of each alternative to help identify those alternatives that best meet all of the objectives. Objectives frequently conflict and sacrifices must be made. One way to evaluate the objectives against the alternative is to use the consequence table below. A consequence table helps provide a clearer view related to the performance of each alternative to meeting an objective. It does not rate the objective as to the value or importance to the stakeholder/decision-maker(s). List the objectives from Step 2 and place into the “Objectives” column. Then, rate the alternative from Step 3 by placing a rating of 1, 2, or 3 into the associated box that aligns with the correct objective. Not all alternatives are a good fit. The question then becomes how to choose the best alternatives. One way to do so is to try to look for ways of equalizing the alternative. Trade-offs help. Trade-offs focus on two things: (1) what consequences the stakeholder is willing to accept and (2) what advantages stakeholders are not willing to give up by choosing an alternative. Using your consequence table see if you can eliminate alternatives based on the trade-offs that appear reasonable from the facts of the case. Use the number 1 to represent the alternative not meeting the objectives of the stakeholder(s), 2 as meeting the objective well and 3 as meeting the objective very well. Consequence Table Stakeholders Objectives Alternative #1 Alternative #2 Alternative #3 Alternative #4 Explanation Fill in here: Discuss the consequences and explain how you arrived at the decision alternatives, stakeholders, uncertainties and risk tolerance? Be sure to include source material from the readings to support the ideas, reasoning and conclusions Eliminated Alternatives Fill in here: Evaluate the alternatives and determine if there are any that adequately meet the objective. Explain which alternatives should be eliminate, if any. Be sure to explain the reasoning for the elimination and include source material from the readings to support the ideas, reasoning and conclusions Trade Offs Fill in here: Evaluate the alternatives and determine if there are any that adequately meet the objective. Explain which alternatives should be eliminate, if any. Be sure to explain the reasoning for the elimination and include source material from the readings to support the ideas, reasoning and conclusions Step Five: Decision Matrix When you have equalized the objectives using trade-offs one final step that will help in the decision making is to weight the objectives to the alternatives. This step puts some subjectivity back into the process. It allows the stakeholder to identify one objective as more important than another and thus perhaps satisfy a value that is not met by equalizing all the objectives. To do this we use a Decision Matrix tool. Read: Mind Tools Example Decision Matrix: Complete the matrix below: Part 1 Table One (Unweighted): Replace Objective 1, Objective 2, Objective 3, Objective 4 and Objective with the actual identified objectives. Then replace Alt 1, Alt 2, Alt 3, and so forth with the alternatives that you have identified. Then, working through each column of objectives, rate each alternative with a rating of 0 (poor) to 5 (very good) depending on how well the alternative meets the objective. It is possible to use the same rating for more than one alternative. Total each row inputting the total under the Total column. Rate how well each objective is met using a scale of 0 to 5, with 3 being the best. Objectives Objective 1 Objective 2 Objective 3 Objective 4 Objective 5 Total Alt 1 Alt 2 Alt 3 Alt (etc.) Part 2 Table Two (Weighted): Next, you will need to determine the importance of each objective by assignment a weight. For example, Objective 1 may be the most important objective and you might assign a weight of 30%. The least important objective may be 5%. Input weight in the Weights column and total. The total must equal 100%, Make sure there is a weight for each objective. Multiply the rating from Table One. Once all ratings have been multiplied, total the row and input the number under the Total column. Objectives Objective 1 Objective 2 Objective 3 Objective 4 Objective 5 Total Weights 20% 20% 20% 20% 20% 100% Alt 1 Alt 2 Alt 3 Alt (etc.) Explanation of Rating and Choice Fill in here: The alternative with the most number of points should be the best alternative. It is possible to have more than one alternative with the same rating. Therefore, you will need to decide, which one is most important. Provide an explanation for the alternative selected. If the best alternative is not selected, you will want to explain the reasoning behind not choosing this alternative. Step 6: Linked Decisions: Final Part to Trade-Offs One other consideration is that of linked decisions. Decisions made today will influence decisions of tomorrow. Linked Decisions Fill in here: How will the best decision affect other decisions for the company in the future? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Step Seven: The Decision Make the decision! The Decision Fill in here: Recommended Decision and Why? Fill in here: Second-best Recommendation and Why? Step 8: Does the decision make sense? One Last Review Earlier the point was made that the decision-making process needs to be reviewed during the work and at the end. Reflection assures that bias and influence are weeded out as well as the fact that the best decision is made. Review: Fill in here: Is the right decision framed? If so, why and if not, why not? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Fill in here: Are all of the objectives correctly identified and met? If so, why and if not, why not? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. Fill in here: Are you satisfied with the alternatives chosen? If so, why and if not, why not? Be sure to include source material from the readings to support the ideas, reasoning and conclusions. ============================================= Adapted Concepts From: Smart Choices, Hammond, Keeney & Raiffa “A Practical Guide to Making Better Decisions” Harvard Business Press, 1999

BMGT 317 Decision Making Worksheet

 

The PrOACT model of decision making uses five steps to help make difficult decisions.  PrOACT stands for problem, objective, alternatives, consequences, and tradeoffs. You will use the following worksheet to document the steps of the PrOACT model in making Henriette’s decision.

You will complete the following steps.  Be sure to support the ideas, reasoning and conclusions put forth using the course readings.

 

Step One: Creating a Decision Statement

 

Identify the Decision to be made by creating a decision statement. Framing the decision means discerning the reason or cause for a decision to be made and what precisely needs to be decided. Identifying the correct decision to be made is a critical first step. It is important to review the decision to make sure it is not being framed with bias or prejudice.

 

Decision Statement
Fill in here:  Create the decision statement.
Explanation
Fill in here:  How did you arrive at the decision statement?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.

 

 

 

Step Two: Determining the Decision Objectives

 

The next step is to identify the Decision Objectives. Objectives are those things that you want the decision to accomplish.  You could consider them as the “wish list” of end results.

If Henriette could have anything she wanted in making her decision what would it be?

In formulating objectives, it is important to look at everyone who has an investment in the decision.  What end results do they wish to see?  Thinking through the goals that need to be reached and the end results will allow you to set priorities as you move through the process as well as with implementation.  For instance, if you would want to purchase a car that exceeds your budget, then several options might have to be excluded when making alternatives due to budget constraints.

A decision is a means to an end. Ask yourself what you most want to accomplish and which of your interests, values, concerns, fears, and aspirations are most relevant to achieving your goal.  Complex decisions will never have just one objective.

 

Decision Objectives
Fill in here:  Develop decision objectives.  Feel free to add rows to the table depicting each objective in a new row.
Explanation
Fill in here:  How did you arrive at the decision objectives?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.
 

Potential Stakeholders

Fill in here:  Identify all potential stakeholders.
Explanation
Fill in here:  How did you determine the stakeholders?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.

 

 

 

Step Three: Creating Alternatives

 

In creating alternatives, it is best to think outside the box.  It is important avoid the bias and influence that may be limiting your thinking.  Ask what if we did this and not we can’t do this because of this…  Being positive is important and helps to deflect the anchoring bias.  Alternatives require data collection, stakeholder objectives and an approach that is not problem solving-oriented.  Do not restrict the number of alternatives at first. Come up with every possible way the objectives can be met in whole or in part.

 

Also as part of this process is the need to clarify the uncertainties with the use of data collection and the risk tolerance that is needed for the decision.

 

Uncertainties: What could happen in the future and how likely is it that it will occur?

 

 

Risk Tolerance: When decisions involve uncertainties, the desired consequence may not be the one that results. How much risk is acceptable?  Do you have a high tolerance for risk, a medium tolerance for risk or a low tolerance for risk?

 

For more than two decision alternatives, you will need to duplicate the table below:

 

Decision Alternative #1
Fill in here:  Create decision alternatives #1.  Feel free to add rows to the table depicting each objective in a new row.
Uncertainties Associated with Alternative #1
Fill in here:  Identify uncertainties associated with alternative #1
Risk Tolerance Associated with Alternative #1
Fill in here:  Level of risk tolerance (High, medium, low)
Stakeholders (impacts the alternatives and alternatives impact stakeholders)
Fill in here:  Identify all stakeholders for Alternative #1
Explanation
Fill in here:  How did you arrive at the decision alternatives?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.

 

 

 

 

 

 

Decision Alternative #2
Fill in here:  Create decision alternatives #1.  Feel free to add rows to the table depicting each objective in a new row.
Uncertainties Associated with Alternative #2
Fill in here:  Identify uncertainties associated with alternative #1
Risk Tolerance Associated with Alternative #2
Fill in here:  Level of risk tolerance (High, medium, low)
Stakeholders (impacts the alternatives and alternatives impact stakeholders)
Fill in here:  Identify all stakeholders associate with alternative #2
Explanation
Fill in here:  How did you arrive at the decision alternatives, stakeholders, uncertainties and risk tolerance?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.

 

 

Step Four: Consequence Table

 

Describe possible Consequences (concerns) that each stakeholder would have for each alternative. Evaluate honestly the consequences of each alternative to help identify those alternatives that best meet all of the objectives.

Objectives frequently conflict and sacrifices must be made. One way to evaluate the objectives against the alternative is to use the consequence table below.   A consequence table helps provide a clearer view related to the performance of each alternative to meeting an objective. It does not rate the objective as to the value or importance to the stakeholder/decision-maker(s).

List the objectives from Step 2 and place into the “Objectives” column.   Then, rate the alternative from Step 3 by placing a rating of 1, 2, or 3 into the associated box that aligns with the correct objective.

Not all alternatives are a good fit.  The question then becomes how to choose the best alternatives.  One way to do so is to try to look for ways of equalizing the alternative. Trade-offs help.  Trade-offs focus on two things: (1) what consequences the stakeholder is willing to accept and (2) what advantages stakeholders are not willing to give up by choosing an alternative. Using your consequence table see if you can eliminate alternatives based on the trade-offs that appear reasonable from the facts of the case.

 

 

Use the number 1 to represent the alternative not meeting the objectives of the stakeholder(s), 2 as meeting the objective well and 3 as meeting the objective very well.

Consequence Table
Stakeholders Objectives Alternative #1 Alternative #2 Alternative #3 Alternative #4
           
           
           
           
           
           
           
Explanation          
Fill in here:  Discuss the consequences and explain how you arrived at the decision alternatives, stakeholders, uncertainties and risk tolerance?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions
Eliminated Alternatives        
Fill in here:  Evaluate the alternatives and determine if there are any that adequately meet the objective.  Explain which alternatives should be eliminate, if any.  Be sure to explain the reasoning for the elimination and include source material from the readings to support the ideas, reasoning and conclusions
Trade Offs          
Fill in here:  Evaluate the alternatives and determine if there are any that adequately meet the objective.  Explain which alternatives should be eliminate, if any.  Be sure to explain the reasoning for the elimination and include source material from the readings to support the ideas, reasoning and conclusions

 

 

Step Five: Decision Matrix

 

When you have equalized the objectives using trade-offs one final step that will help in the decision making is to weight the objectives to the alternatives. This step puts some subjectivity back into the process. It allows the stakeholder to identify one objective as more important than another and thus perhaps satisfy a value that is not met by equalizing all the objectives. To do this we use a Decision Matrix tool.

 

Read:

 

Mind Tools Example

 

 

Decision Matrix:

 

Complete the matrix below:

 

Part 1

 

Table One (Unweighted):

Replace Objective 1, Objective 2, Objective 3, Objective 4 and Objective with the actual identified objectives.  Then replace Alt 1, Alt 2, Alt 3, and so forth with the alternatives that you have identified.

Then, working through each column of objectives, rate each alternative with a rating of 0 (poor) to 5 (very good) depending on how well the alternative meets the objective.  It is possible to use the same rating for more than one alternative.

Total each row inputting the total under the Total column.

 

Rate how well each objective is met using a scale of 0 to 5, with 3 being the best.

Objectives Objective 1 Objective 2 Objective 3 Objective 4 Objective 5 Total
             
Alt 1            
Alt 2            
Alt 3            
Alt (etc.)            
             

 

Part 2

 

Table Two (Weighted):

 

Next, you will need to determine the importance of each objective by assignment a weight.  For example, Objective 1 may be the most important objective and you might assign a weight of 30%.  The least important objective may be 5%.

 

Input weight in the Weights column and total.  The total must equal 100%,  Make sure there is a weight for each objective.

 

Multiply the rating from Table One.

 

Once all ratings have been multiplied, total the row and input the number under the Total column.

 

 

 

Objectives Objective 1 Objective 2 Objective 3 Objective 4 Objective 5 Total
Weights 20% 20% 20% 20% 20% 100%
Alt 1            
Alt 2            
Alt 3            
Alt (etc.)            
             
             

 

Explanation of Rating and Choice
Fill in here:  The alternative with the most number of points should be the best alternative. It is possible to have more than one alternative with the same rating.  Therefore, you will need to decide, which one is most important.  Provide an explanation for the alternative selected.  If the best alternative is not selected, you will want to explain the reasoning behind not choosing this alternative.

 

 

Step 6:  Linked Decisions: Final Part to Trade-Offs

One other consideration is that of linked decisions. Decisions made today will influence decisions of tomorrow.

 

Linked Decisions
Fill in here:  How will the best decision affect other decisions for the company in the future?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.

 

 

 

 

 

Step Seven: The Decision

 

Make the decision!

 

 

The Decision
Fill in here:  Recommended Decision and Why?
Fill in here:  Second-best Recommendation and Why?

 

 

 

Step 8: Does the decision make sense? One Last Review

 

Earlier the point was made that the decision-making process needs to be reviewed during the work and at the end.  Reflection assures that bias and influence are weeded out as well as the fact that the best decision is made.

 

 

Review:
Fill in here:  Is the right decision framed?  If so, why and if not, why not?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.
Fill in here:  Are all of the objectives correctly identified and met? If so, why and if not, why not?   Be sure to include source material from the readings to support the ideas, reasoning and conclusions.
Fill in here:  Are you satisfied with the alternatives chosen?  If so, why and if not, why not?  Be sure to include source material from the readings to support the ideas, reasoning and conclusions.

 

 

 

=============================================

 

Adapted Concepts From:

Smart Choices, Hammond, Keeney & Raiffa

“A Practical Guide to Making Better Decisions”

Harvard Business Press, 1999

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